Welcome to the main thread for the newly-elected Nxt Community Funds Committee (or CFC from now on).The CFC's function is to control the disbursement of the NXT funds held for community use, this includes payments for the dev team, as well as other projects.Anyone can apply to recieve funds from the CFC for assistance with a NXT-based project that will potentially benefit the entire Nxt community.

Background:When Nxt was created in the Fall of 2013, some stakeholders did not claim their initial share of the NXT that were released to investors.After some debate, it was decided to use these 'unclaimed coins' as a central community funds to support Nxt development. Over the previous year, the funds were controlled by 3 committees, responsible for Marketing, Technical Development and Infrastructure.These 3 committees have now been replaced by the single Community Funds Committee, in order to streamline the decision-making and administrative processes.Here are some of the discussions that lead us to here:

Structure:The CFC consists of 6 people in total:One Commercial representative, one Technical representive, a Chairperson, two Treasurers and a Secretary.The Secretary and Treasurers are, in principle, non-voting positions, but they may be asked to vote in certain circumstances.Minimum quorum for voting purposes is 3 people, a simple majority (ie 2:1) will be enough for approval of a proposal.Each voting position also has an elected backup member, who will take over the position if the current holder can no longer fulfil their role on the CFC.In the event of a vote of 'no confidence' in any member of the CFC, all 5 remaining members will have to vote unanimously to sucessfully pass a no confidence vote and remove that person from their CFC position.

Applications for funding to the CFC:If anyone feels that they have a project that will benefit the Nxt community in general, they can ask the CFC for help with funding. I need to emphasise here thet the CFC should be the one of the last options to be considered for funding, most projects should be able to get funding from individual investors or NXT-based businesses. The only current exception to this are the ongoing payments for the dev team.

The CFC is currently working on transferring the old funds structure (left over from the Marketing, TechDev and InfCom funds, plus the split caused by the Klee hack) into the 2 accounts controlled by Pouncer and Dom P, as well checking that all of the numbers add up correctly.